Capital Disclosures

DBS’s capital management objective is to maintain a strong capital position consistent with regulatory requirements under MAS Notice to Banks No. 637 and the expectations of our various stakeholders, i.e., customers, investors and rating agencies. We pursue this objective while delivering returns to shareholders and ensuring that adequate capital resources are available for business growth and investment opportunities as well as adverse situations. We manage our capital structure in line with our capital management objective and in order to optimise the cost and flexibility offered by various capital resources.

* These instruments are prima facie ineligible as capital instruments under Basel III rules as they lack provisions for conversion to ordinary shares or write-down on point of non-viability but are accorded partial recognition under the Basel III transitional arrangements. ** The latest Global Medium Term Note Programme Offering Circular is available here.